Quarterly Report • May 11, 2018
Quarterly Report
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Quarterly Statement First Quarter 2018 Interim consolidated financial statements for the three months ended 31 March 2018
DISCOVER. CONNECT. FULFIL.
| Table of Contents 1 |
|---|
| New Reporting Structure2 |
| New accounting regulations 2 |
| Adjustment of the Full Year 2018 outlook to new accounting regulations as of 1 January 2018 3 |
| Key Financial Highlights4 |
| Business Development5 |
| Group5 |
| ImmobilienScout24 (IS24) 6 |
| AutoScout24 (AS24)7 |
| Scout24 Consumer Services (CS)8 |
| Outlook8 |
| Consolidated income statement (IFRS, unaudited)9 |
| Consolidated balance sheet (IFRS, unaudited)10 |
| Consolidated cash flow statement (IFRS, unaudited) 11 |
| Segment information (IFRS, unaudited)12 |
| Reconciliation ordinary operating EBITDA12 |
All information contained in this document has been carefully prepared. However, no reliance may be placed for any purposes whatsoever on the information contained in this document or on its completeness. No representation or warranty, express or implied, is given by or on behalf of the Company or any of its directors, officers or employees or any other person as to the accuracy or completeness of the information or opinions contained in this document and no liability whatsoever is accepted by the Company or any of its directors, officers or employees nor any other person for any loss howsoever arising, directly or indirectly, from any use of such information or opinions or otherwise arising in connection therewith.
The information contained in this release is subject to amendment, revision and updating. Certain statements, beliefs and opinions in this document are forward-looking, which reflect the Company's or, as appropriate, senior management's current expectations and projections about future events. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Statements contained in this document regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The Company does not undertake any obligation to update or revise any information contained in this press release (including forward-looking statements), whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak only as of the date of this document.
Scout24 also uses alternative performance measures, not defined by IFRS, to describe the Scout24 Group's results of operations. These should not be viewed in isolation, but treated as supplementary information. The special items used to calculate some alternative performance measures arise from the integration of acquired businesses, restructuring measures, impairments, gains or losses resulting from divestitures and sales of shareholdings, and other material expenses and income that generally do not arise in conjunction with Scout24's ordinary business activities. Alternative performance measures used by Scout24 are defined in the "Glossary" section of Scout24's Annual Report 2017 which is available at www.scout24.com/financial-reports.
Due to rounding, numbers presented throughout this statement may not add up precisely to the totals indicated, and percentages may not precisely reflect the absolute figures for the same reason. Information on quarterly financials have not been subject to audit and are thus preliminary.
Due to the growing importance of the Scout24 Consumer Services business, the Management Board has decided to adjust the Group's internal management, reporting structure and system accordingly. As of January 2018, the operating segments under IRFS 8 will thus comprise the "ImmobilienScout24" (IS24), "AutoScout24" (AS24) and "Scout24 Consumer Services" (CS) segments. The Scout24 Consumer Services segment subsumes all activities in the area of services along the value chain of the real estate or automobile market and around advertisements from non-real estate or nonautomotive-related third parties. These activities were previously reported in the ImmobilienScout24 and AutoScout24 and Other segments. The previous year's figures were adjusted accordingly to the new reporting structure.
Scout24 AG prepares its consolidated financial statements in accordance with the rules of the International Accounting Standards Board (IASB), London, applicable on the balance sheet date. It complies with the International Financial Reporting Standards (IFRS) as well as the interpretations of the International Financial Reporting Standards Interpretations Committee (IFRS IC), as adopted by the European Union, as well as with the supplementary commercial law regulations of Article 315e (1) of the German Commercial Code (HGB).
As of 1 January 2018, the following reporting standards apply:
IFRS 9 is being applied initially for the first reporting period of the financial year beginning on 1 January 2018. The application of this standard represents an impact in Trade Receivables and correspondingly in Retained earnings in the opening balance sheet as of 1 January 2018 amounting to EUR 3.9 million. For the full financial year 2018, there is no further impact through the application of IFRS 9. Financial Year 2017 figures are not restated and do not reflect the application IFRS 9.
IFRS 15 is being applied initially for the first reporting period of the financial year beginning on 1 January 2018 by using the retrospective method. Consequently, the comparable period will also be presented in accordance with IFRS 15. The application of this standard as of 1 January 2018 retrospectively represent an impact in revenues of negative EUR 1.5 million in the first quarter of 2018 (negative EUR 2.0 million in the first quarter 2017). Ordinary operating EBITDA is not affected, however the ordinary operating EBITDA-margin increases due to the impact on revenue by 0.6 percentage points in Q1 2018 (0.9 percentage points in Q1 2017). For the full financial year 2018, by applying IFRS 15, an estimated negative impact on revenue of around EUR 8.0 million (2017: EUR 7.2 million) is expected, the impact on ordinary operating EBITDAmargin is reflected by an increase of around 0.8 percentage points (2017: 0.8 percentage points).
IFRS 16 is being applied initially for the first reporting period of the financial year beginning on 1 January 2018. The effects of the application of this standard as of 1 January 2018 represent an impact on ordinary operating EBITDA and EBITDA respectively of positive EUR 1.5 million in Q1 2018 and around EUR 6.0 million for the full financial year 2018. The application of IFRS 16 results in a balance sheet extension of around EUR 41.0 million for the first quarter 2018 (including the capitalisation of the new rental contract for the office location in Munich) and an additional depreciation for the full year 2018 of around EUR 6.0 million (Q1 2018: EUR 1.5 million). By applying IFRS 16, an increase in short-, medium-, and long-term financial liabilities and correspondingly of net debt arises. In the first quarter 2018, the net increase of the leverage ratio is of 0.14:1 (2.03:1 excluding the effects from IFRS 16 to 2.17:1 after applying IFRS 16). Financial year 2017 figures are not restated and do not reflect the application IFRS 16.
By applying the new accounting regulations IFRS 9, IFRS 15 and IFRS 16 respectively, the Group is adapting the outlook given for financial year 2018 to reflect the changes in reporting starting Q1 2018.
On a Group level, the Management Board expects a revenue growth rate between 9.0% and 11.0%, unchanged to the expectations as given in the Annual Report 2017. Given the application of the retrospective method for IFRS 15, the 2017 financials are reflecting the lower starting base, the application of IFRS 15 does not have an impact on the underlying operational growth trajectory.
Based on the reduced revenues and therefore increasing ordinary operating EBITDA-margin due to the application of IFRS 15, as well as the positive effect on ordinary operating EBITDA and ordinary operating EBITDA-margin due to the application of IFRS 16, the ordinary operating EBITDA-margin is now expected between 56.0% and 57.5% (compared to 54.0% to 55.5% prior to the adjustment).
The outlook for non-operating costs is unchanged and expected to amount to between EUR 8.0 and EUR 11.0 million.
Capital expenditure excluding capital expenditures due to the first-time application of IFRS 16 is still expected at around EUR 34.0 million. The application of IFRS 16 results in a balance sheet extension and thus additional capital expenditure of EUR 41.0 million.
For the IS24 segment, the outlook for the revenue growth rate remains unchanged between 4.0% and 6.0%. The ordinary operating EBITDA-margin for the segment is expected to come in at least at 68.0% for the full year 2018 (prior to application of new IFRS standards: at least 67.0%)
For the AS24 segment, the outlook for the revenue growth is now at least EUR 180.5 million for the full year 2018 (representing a growth rate of around 14.0% year-on-year), this corresponds to the growth expectations before applying new IFRS-standards (around 14.0% growth year-on-year or at least EUR 185.0 million). The ordinary operating EBITDAmargin of the segment, adjusted for IFRS 15 and respectively IFRS 16 application, is expected to come in at around 52.0% for the full year 2018 (prior to application of new IFRS standards: at least 50.0%).
For the CS segment, the revenue is now expected to come in at around EUR 87.0 million for the full year 2018 or with 12.0% revenue growth compared to the previous year, this corresponds to the growth expectations before applying new IFRS-standards (around 12.0% growth year-on-year or at least EUR 90.0 million). The ordinary operating EBITDA-margin of the segment is expected to record an increase by at least 1.0 percentage point for the full year 2018, the application of IFRS 15 and IFRS 16 standards does not have a significant impact on the segment's ordinary operating EBITDA-margin trajectory.
| (EUR millions) | Q1 2018 | Q1 2017* | % change |
|---|---|---|---|
| External revenues | 123.4 | 111.9 | 10.3% |
| IS24 | 60.5 | 57.1 | 6.0% |
| AS24 | 42.2 | 36.3 | 16.1% |
| CS | 20.7 | 18.4 | 12.6% |
| Ordinary operating EBITDA1 | 63.7 | 56.5 | 12.7% |
| IS24 | 39.6 | 38.1 | 3.8% |
| AS24 | 18.9 | 14.8 | 28.1% |
| CS | 6.7 | 6.2 | 7.6% |
| Ordinary operating EBITDA-margin- in %1 | 51.6% | 50.5% | 1.1pp |
| IS24 | 65.4% | 66.8% | (1.4)pp |
| AS24 | 44.9% | 40.7% | 4.2pp |
| CS | 32.3% | 33.8% | (1.5)pp |
| EBITDA2 | 60.8 | 53.3 | 14.1% |
| Capital expenditure (adjusted)5 | 8.0 | 4.1 | 95.3% |
| Cash contribution3 | 55.75 | 52.4 | 6.3% |
| Cash conversion4 | 88%5 | 93% | (5)pp |
* The following change has been implemented compared to the reported 2017 financials: IFRS 15 was applied as of 1 January 2018 and 2017 financials have been restated retrospectively.
1 Ordinary operating EBITDA represents EBITDA adjusted for non-operating and special effects; These include primarily expenses for reorganisation, expenses in connection with the capital structure of the Company and company acquisitions (realised and unrealised) as well as effects from share-based compensation programs recognized in income. The ordinary operating EBITDA-margin of a segment is defined as ordinary operating EBITDA as a percentage of external segment revenues.
2 EBITDA is defined as profit before financial results, income taxes, depreciation and amortisation, impairment write-downs and the result of sales of subsidiaries.
3 Cash contribution is defined as ordinary operating EBITDA less capital expenditure (adjusted).
4 Cash conversion is defined as ordinary operating EBITDA less capital expenditure (adjusted) divided by ordinary operating EBITDA.
5 Capital expenditure (adjusted) does not include capital expenditure incurred due to the first-time application of IFRS 16 in the financial year 2018. Capital expenditure incurred due to the first-time application of IFRS 16 amounts to EUR 41.0 million in Q1 2018.
Scout24 successfully started the year 2018 on the back of continued positive momentum in the ImmobilienScout24 ("IS24") segment, as well as sustainable growth in the AutoScout24 ("AS24") and Consumer Services ("CS") segments.
According to the unaudited consolidated financial statements, Group revenues for the first three months ended 31 March 2018 increased by 10.3% to EUR 123.4 million (Q1 2017: EUR 111.9 million).
The Group's ordinary operating EBITDA improved by 12.7% to EUR 63.7 million (Q1 2017: EUR 56.5 million), yielding a margin of 51.6% (Q1 2017: 50.5%). Adjusted by effects arising from the application of IFRS 16 the increase was 10.0%. Reported Group EBITDA for the first quarter 2018 was up EUR 7.5 million compared to the first quarter 2017, reaching EUR 60.8 million (Q1 2017: EUR 53.3 million). It included non-operating costs of EUR 2.9 million, which essentially consisted of costs related to post-merger integration as well as personnel expenses. Personnel expenses mainly relate to share-based compensation and to a lesser extent to reorganisational measures implemented. Moreover, nonoperating costs included some EUR 0.4 million related to the relocation of the Munich office in March 2018. The nonoperating costs were offset by an extraordinary income for the sale of the trade mark "JobScout24" Switzerland in the amount of EUR 1.6 million. Consolidated reported net profit for the period was EUR 30.2 million (Q1 2017: EUR 24.2 million), resulting in basic earnings per share of EUR 0.28 (Q1 2017: EUR 0.23).
Cash contribution (excluding capital expenditure incurred due to the first-time application of IFRS 16 in Q1 2018) increased by 6.3% to EUR 55.7 million (Q1 2017: EUR 52.4 million), highlighting the Group's strong cash generation capabilities. Cash Conversion, relative to ordinary operating EBITDA, for the first quarter of 2018 was slightly down to 88% compared to the first quarter in 2017 (93%), due to extraordinary capital expenditure related to the office relocation in March 2018 of EUR 2.7 million. Cash and cash equivalents amounted to EUR 58.0 million as of 31 March 2018 (31 March 2017: EUR 73.9 million). This includes the cash inflow of EUR 215,0 million from the first Schuldschein loan issue of Scout24 AG as well as the cash outflow of EUR 250,0 million from an early repayment towards the existing bank loan at the end of March 2018. Total net financial debt1 therefore amounted to EUR 564.9 million, leading to a leverage (ratio of net debt to ordinary operating EBITDA of the last twelve months) of 2.2:1, respectively of 2.0:1 excluding impact from IFRS 16 adoption (31 December 2017: 2.2:1).
Overall, with Q1 2018 revenue growth rate of 10.3% and ordinary operating EBITDA-margin standing at 51.6%, the Group is well on track to achieve the targets as communicated within the Annual Report 2017, respectively adapted for the new accounting regulations IFRS 9, IFRS 15 and IFRS16 respectively (revenue growth between 9.0% and 11.0%, ordinary operating EBITDA-margin between 56.0% and 57.5%).
1 Total net financial debt is defined as total debt (current and non-current financial liabilities) less cash and cash equivalents.
| (EUR millions) | Q1 2018 | Q1 2017* | % change |
|---|---|---|---|
| Total external revenues | 60.5 | 57.1 | 6.0% |
| Ordinary operating EBITDA | 39.6 | 38.1 | 3.8% |
| Ordinary operating EBITDA–margin % | 65.4% | 66.8% | (1.4)pp |
* The following change has been implemented compared to the reported 2017 financials: IFRS 15 was applied as of 1 January 2018 and 2017 financials have been restated retrospectively.
External revenues in the IS24 segment grew by 6.0% to EUR 60.5 million in the reporting period compared to EUR 57.1 million in the first quarter of 2017. The strong growth acceleration in the first quarter 2018 (Q4 2017 year-on-year revenue growth was 3.5%) is mainly attributable to Revenue with residential real estate partners and Revenue with business real estate partners. Revenue with residential real estate partners continued on its path of sequential growth quarter on quarter, showing an acceleration compared to the fourth quarter 2017 as well as a strong year-on-year growth compared to the first quarter 2017. Revenue with business real estate partners also showed a strong year-on-year development, as expected with a slightly less dynamic acceleration than Revenues with residential real estate partners. After stabilising in mid-2017, the residential and business real estate partner count has increased steadily since then driven by low churn, high win-back and new acquisition rates. Both revenue lines are therefore well on track to meet expectations for the full year. Revenue with private listers and others grew in line with expectations in the first quarter 2018 compared to the first quarter of 2017. The segment's profitability, in terms of ordinary operating EBITDA-margin, of 65.4% is slightly below the previous year's level (Q1 2017: 66.8%, adjusted for effects from IFRS 16: 68.1%) and reflects investments in product innovation as well as timing of marketing investments.
Due to its superior content, IS24 maintained its strong competitive lead in listings share as well as consumer traffic and engagement in the first quarter of 2018.
The segment is well on track to achieve the targets as communicated in the Annual Report 2017 and as adjusted to reflect the adoption of new IFRS standards, with Q1 2018 revenue growth rate being at the upper end of the communicated range (revenue growth between 4.0% to 6.0%, ordinary operating EBITDA-margin of at least 68.0%).
| (EUR millions) | Q1 2018 | Q1 2017* | % change |
|---|---|---|---|
| Total external revenues | 42.2 | 36.3 | 16.1% |
| Ordinary operating EBITDA | 18.9 | 14.8 | 28.1% |
| Ordinary operating EBITDA-margin % | 44.9% | 40.7% | 4.2pp |
* The following change has been implemented compared to the reported 2017 financials: IFRS 15 was applied as of 1 January 2018 and 2017 financials have been restated retrospectively.
External revenues in the AS24 segment increased by 16.1% to EUR 42.2 million in the first quarter of 2018 compared to the first quarter of 2017 (Q1 2017: EUR 36.3 million). This continued dynamic development is mainly attributable to Revenues from Dealers in both Germany and the core European countries, which now also includes Austria as a core country. Both revenue lines are benefitting from the successful implementation of pricing as well as the gradual introduction of the 360-degree product tier in the European Countries and are therefore well on track to meet full year growth expectations of mid-teens revenue growth rates. The number of dealer partners in Germany and in the core European countries remained mainly stable compared to the end of Q4 2017. Revenue with OEM as well as Other revenues developed as well in line with expectations in the first quarter of 2018. The segment's profitability as measured by the ordinary operating EBITDA-margin, increased year-on-year by 4.2 percentage points, reaching 44.9% in the first quarter of 2018 (Q1 2017: 40.7%, adjusted for effects from IFRS 16: 41.6%).
AS24 sustained its content leadership positions in Belgium, Netherlands, Italy and Austria with regards to general classifieds and automotive classified competitors and continued to work on closing the gap towards its competitor in Germany.
The segment is well on track to achieve the management expectations as communicated in the Annual Report 2017 and as adjusted to reflect the adoption of new IFRS standards (revenue of at least EUR 180.5 million, around 52.0% ordinary operating EBITDA-margin).
| (EUR millions) | Q1 2018 | Q1 2017* | % change |
|---|---|---|---|
| Total external revenues | 20.7 | 18.4 | 12.6% |
| Ordinary operating EBITDA | 6.7 | 6.2 | 7.6% |
| Ordinary operating EBITDA -margin % | 32.3% | 33.8% | (1.5)pp |
* The following change has been implemented compared to the reported 2017 financials: IFRS 15 was applied as of 1 January 2018 and 2017 financials have been restated retrospectively.
Scout24 Consumer Services ("CS") was established as an independent segment starting 1 January 2018 and is reported for the first time starting Q1 2018. It comprises all activities in the area of services along the value chain of the real estate or automobile market and around advertisements from non-real estate or non-automotive-related third parties.
The segment recorded external revenues of EUR 20.7 million in the first quarter of 2018, an increase of 12.6% compared to the first quarter of 2017 (Q1 2017: EUR 18.4 million). The increase was mainly driven by Services revenues and Revenues with Finance partners, both showing solid growth in the first quarter of 2018. Third party display revenues showed a solid development compared to the first quarter of the previous year. The profitability of the CS segment in terms of ordinary operating EBITDA-margin came in at 32.3%, a slight year-on-year decrease (Q1 2017: 33.8% adjusted for effects from IFRS 16: 34.4%) driven by timing of investments in marketing.
Thus, the CS segment is well on track to achieve the targets communicated within the Annual Report 2017 and as adjusted to reflect the adoption of new IFRS standards (revenues to come in at around EUR 87.0 million, ordinary operating EBITDAmargin to increase by at least one percentage point).
The business development of Scout24 Group in the first quarter 2018 was in line with the Management Board's expectations and Scout24 therefore confirms its targets for the financial year 2018 as communicated on 28 March 2018 respectively the outlook adapted for the new accounting regulations IFRS 9, IFRS 15 and IFRS16 respectively. For details, please refer to our Annual Report for financial year 2017, which is available at report.scout24.com/2017, as well as to the section "Adjustment of the Full Year 2018 outlook to new accounting regulations as of 1 January 2018" (page 3) in this release.
| (EUR '000) | Q1 2018 | Q1 20171 |
|---|---|---|
| Revenues | 123,403 | 111,883 |
| Own work capitalised | 4,673 | 2,559 |
| Other operating income | 1,949 | 197 |
| Total operating performance | 130,024 | 114,639 |
| Personnel expenses | (30,860) | (28,361) |
| Advertising expenses | (16,121) | (13,870) |
| IT expenses | (4,871) | (3,823) |
| Other operating expenses | (17,388) | (15,333) |
| EBITDA (Earnings before interest, tax, depreciation and amortisation) | 60,784 | 53,252 |
| Depreciation and amortisation | (15,606) | (14,419) |
| EBIT (Earnings before interest and tax) | 45,177 | 38,833 |
| Results from investments accounted for using the equity method | 29 | (11) |
| Financial income | 1,000 | 1,323 |
| Financial expenses | (5,564) | (3,539) |
| Net financial result | (4,535) | (2,227) |
| Earnings before tax | 40,643 | 36,607 |
| Income taxes | (10,424) | (12,374) |
| Earnings after tax | 30,219 | 24,233 |
| Of which attributable to: | ||
| Non-controlling interests | - | - |
| Shareholders of the parent company | 30,219 | 24,233 |
| Earnings per Share | ||
| (in EUR) | Q1 2018 | Q1 20171 |
| Basic earnings per share | ||
| Earnings per share after tax | 0.28 | 0.23 |
| Diluted earnings per share2 | ||
| Earnings per share after tax | 0.28 | 0.22 |
1 With regard to the effects of changes in accounting and valuation methods, reference is made to the paragraph "New accounting regulations".
2 The dilution is based solely on potential shares deriving from share-based compensation.
| Assets | 31/03/2018 | 31/12/20171 |
|---|---|---|
| (EUR '000) | ||
| Current assets | 124,190 | 115,275 |
| Cash and cash equivalents | 58,002 | 56,659 |
| Trade receivables/ contract assets | 49,588 | 47,432 |
| Financial assets | 910 | 1,075 |
| Income tax receivables | 3,038 | 2,653 |
| Other assets | 12,653 | 7,456 |
| Non-current assets | 2,057,917 | 2,025,188 |
| Goodwill | 836,675 | 836,675 |
| Trademarks | 984,501 | 984,609 |
| Other intangible assets | 220,097 | 188,873 |
| Property, plant and equipment | 10,327 | 8,161 |
| Investments accounted for using the equity method | 1,081 | 1,052 |
| Financial assets | 927 | 991 |
| Deferred tax assets | 1,837 | 2,312 |
| Other assets | 2,472 | 2,515 |
| Balance sheet total | 2,182,108 | 2,140,463 |
| 31/03/2018 | 31/12/20171 | |
|---|---|---|
| (EUR '000) | ||
| Current liabilities | 146,879 | 159,194 |
| Trade payables | 22,276 | 22,224 |
| Financial liabilities | 57,985 | 79,511 |
| Other provisions | 7,603 | 6,889 |
| Income tax liabilities | 17,211 | 12,843 |
| Contract liabilities | 9,578 | 9,168 |
| Other liabilities | 32,227 | 28,559 |
| Non-current liabilities | 936,716 | 915,773 |
| Financial liabilities | 564,896 | 538,043 |
| Pensions and similar obligations | 552 | 526 |
| Other provisions | 2,543 | 3,569 |
| Income tax liabilities | 54 | 62 |
| Deferred tax liabilities | 366,544 | 371,492 |
| Other liabilities | 2,126 | 2,081 |
| Equity | 1,098,513 | 1,065,496 |
| Subscribed share capital | 107,600 | 107,600 |
| Capital reserve | 423,389 | 423,302 |
| Retained earnings | 563,878 | 533,659 |
| Measurement of pension obligations | (133) | (121) |
| Other reserves | 3,779 | 1,056 |
| Equity attributable to shareholders of parent company | 1,098,513 | 1,065,496 |
| Non-controlling interests | - | |
| Balance sheet total | 2,182,108 | 2,140,463 |
1 With regard to the effects of changes in accounting and valuation methods, reference is made to the paragraph "New accounting regulations".
| (EUR '000) | Q1 2018 | Q1 20171 |
|---|---|---|
| Earnings after tax | 30,219 | 24,233 |
| Depreciation, amortisation and impairment losses | 15,606 | 14,419 |
| Income tax expenses | 10,424 | 12,374 |
| Financial income | (1,000) | (1,323) |
| Financial expenses | 5,564 | 3,539 |
| Result from investments accounted for using the equity method | (29) | 11 |
| Result on disposal of intangible assets and property, plant and equipment | (1,656) | 2 |
| Other non-cash transactions | 363 | 672 |
| Change in Trade receivables and other assets not attributable to investing or financing activities |
(4,360) | (4,146) |
| Change in Trade payables and other liabilities not attributable to investing or financing activities |
4,177 | (4,037) |
| Change in provisions | (369) | (1,514) |
| Income taxes paid | (12,091) | (6,497) |
| Cash flow from operating activities | 46,848 | 37,733 |
| Investments in intangible assets, including internally-generated assets and as sets in development |
(4,823) | (3,396) |
| Investments in property, plant and equipment | (3,129) | (677) |
| Proceeds from disposal of intangible assets and property, plant and equipment | 1,713 | 3 |
| Investments in financial assets | - | (141) |
| Proceeds from sale of financial assets | 2 | 47 |
| Investments in companies accounted for using the equity method | (350) | (100) |
| Interest received | 1 | 2 |
| Cash flow from investing activities | (6,586) | (4,262) |
| Repayment of short-term financial liabilities | (31,481) | (44) |
| Drawing down of medium- and long-term financial liabilities | 215,000 | - |
| Repayment of medium- and long-term financial liabilities | (220,000) | - |
| Interest paid | (2,436) | (2,997) |
| Cash flow from financing activities | (38,917) | (3,041) |
| Effect of foreign exchange rate changes on cash and cash equivalents | (2) | 3 |
| Change in cash and cash equivalents | 1,343 | 30,433 |
| Cash and cash equivalents at beginning of period | 56,659 | 43,441 |
| Cash and cash equivalents at end of period | 58,002 | 73,874 |
1 With regard to the effects of changes in accounting and valuation methods, reference is made to the paragraph "New accounting regulations".
| (EUR '000) | Total segment revenues |
Ordinary operating EBITDA |
|
|---|---|---|---|
| Q1 2018 | 60,482 | 39,579 | |
| ImmobilienScout24 | Q1 20171 | 57,054 | 38,138 |
| Q1 2018 | 42,187 | 18,944 | |
| AutoScout24 | Q1 20171 | 36,338 | 14,783 |
| Scout24Consumer Services | Q1 2018 | 20,704 | 6,685 |
| Q1 20171 | 18,385 | 6,215 | |
| Total – reportable segments | Q1 2018 | 123,373 | 65,207 |
| Q1 20171 | 111,777 | 59,136 | |
| Q1 2018 | 29 | (1,543) | |
| Reconciling items | Q1 20171 | 106 | (2,668) |
| Q1 2018 | 123,403 | 63,664 | |
| Total (consolidated) | Q1 20171 | 111,883 | 56,469 |
The following table shows the reconciliation of the Group's ordinary operating EBITDA and EBITDA to the IFRS pre-tax result from continuing operations:
| Group (EUR '000) |
Q1 2018 | Q1 20171 |
|---|---|---|
| Ordinary operating EBITDA | 63,664 | 56,469 |
| Non-operating cost | (2,880) | (3,217) |
| of which personnel expenses | (2,646) | (2,183) |
| of which attributable to M&A activities | (1,211) | (980) |
| of which other non-operating income/ costs | 976 | (54) |
| EBITDA | 60,784 | 53,252 |
| Depreciation and amortisation | (15,606) | (14,419) |
| Results from investments accounted for using the equity method | 29 | (11) |
| Other financial result | (4,564) | (2,216) |
| EBIT | 40,643 | 36,607 |
1 With regard to the effects of changes in accounting and valuation methods, reference is made to the paragraph "New accounting regulations".
On Thursday, 21 June 2018, the Annual General Meeting of Scout24 AG will take place in Munich.
Scout24 expects to publish its half-year financial report 2018 on Monday, 13 August 2018.
Britta Schmidt Phone +49 89 444 56-3278 E-Mail [email protected]
Scout24 AG Bothestraße 11-15 81675 Munich Germany
Phone +49 89 44456-0 E-Mail [email protected] www.scout24.com
Photo: Getty Images
Date of publication: 8 May 2018
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